TIDMBK75
RNS Number : 6246E
Millshaw Sams No.1 Ld
12 February 2018
THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE
REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW).
IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER
INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS
NOTICE TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER.
If you are in any doubt as to the action you should take, you
are recommended to seek your own financial advice immediately from
your stockbroker, bank manager, solicitor, accountant or other
financial adviser authorised under the Financial Services and
Markets Act 2000 (if you are in the United Kingdom), or from
another appropriately authorised independent financial adviser and
such other professional advice from your own professional advisors
as you deem necessary.
This Notice is addressed to current holders of the Notes (as
defined below) and persons to whom it may otherwise be lawful to
distribute it ("relevant persons"). It is directed only at relevant
persons and must not be acted on or relied on by persons who are
not relevant persons. Any investment or investment activity to
which this Notice relates is available only to relevant persons and
will be engaged in only with relevant persons.
If you have recently sold or otherwise transferred your entire
holding(s) of Notes referred to below, you should immediately
forward this document to the purchaser or transferee or to the
stockbroker, bank or other agent through whom the sale or transfer
was effected for transmission to the purchaser or transferee.
THIS NOTICE DOES NOT CONSTITUTE OR FORM PART OF, AND SHOULD NOT
BE CONSTRUED AS, AN OFFER FOR SALE, EXCHANGE OR SUBSCRIPTION OF, OR
A SOLICITATION OF ANY OFFER TO BUY, EXCHANGE OR SUBSCRIBE FOR, ANY
SECURITIES OF THE ISSUER OR ANY OTHER ENTITY IN ANY
JURISDICTION.
MILLSHAW SAMS NO.1 LIMITED
26 New Street
St. Helier
Jersey JE2 3RA
(the "Issuer")
NOTICE
to current holders of the following notes of the Issuer
presently outstanding
GBP97,840,000 SAM Notes
(the "Noteholders" and the "Notes", respectively)
Capitalised terms used herein and not otherwise defined shall
have the meanings ascribed to them in the deed of master
definitions dated 25 March 1999 between, amongst others, the Issuer
and Barclays Bank PLC or the offering circular relating to the
Notes dated 17 March 1999.
1. Proposed changes to the structure of the Barclays Group due to ring-fencing
1.1 The "Ring-fencing" of day-to-day banking services is one of
the reforms brought in by the UK government, aiming to strengthen
the UK financial system, following the financial crisis that began
in 2008.
1.2 Barclays intends to satisfy this requirement by setting up a
ring-fenced bank, Barclays Bank UK PLC, which will be separate from
Barclays Bank PLC. The two entities will operate alongside, but
independently from, one another as part of the Barclays Group under
Barclays PLC.
2. PROPOSED SUBSTITUTION OF BARCLAYS BANK PLC as a transaction COUNTERparty
2.1 Save as set out in paragraph 2.2 below, it is intended that
Barclays Bank PLC will be substituted by Barclays Bank UK PLC as a
transaction counterparty for certain of the roles currently
undertaken by Barclays Bank PLC relating to the issuance by the
Issuer (including but not limited to Administrator and guarantor
for the Originator in respect of the Mortgage Sale Agreement).
2.2 Barclays Bank PLC's role as Operating Bank in relation to
the Transaction Account and GIC Account will not be transferred to
Barclays Bank UK PLC. Instead, the role of Operating Bank in
relation to the Transaction Account and GIC Account will remain
with Barclays Bank PLC.
3. How will theSE changeS BE EFFECTED?
Holders of Notes do not need to take any action for the changes
described above to take place. Barclays is seeking approval from
the Prudential Regulation Authority and the High Court of England
and Wales (the "Court") to complete the restructuring, outlined
above, using a legal process called a Ring-Fencing Transfer Scheme
(the "Scheme") under Part VII of the Financial Services and Markets
Act 2000. Subject to approval, Barclays expects to implement the
restructuring and fully establish the ring-fenced bank in April
2018, ahead of the 1 January 2019 legislative deadline for
implementation of ring-fencing.
4. Ways to make sure your views are considered at Court
If you think that you may be adversely affected by the Scheme,
you have the right to object to the Scheme and to have your
objection heard by the Court. You do this by filing a statement
with the Court prior to the hearing on 26 February 2018. A copy of
the statement must also be sent to the Prudential Regulatory
Authority. For further details, including key Court dates and
guidance on how to participate in the process, please refer to our
website home.Barclays/ring-fencing-explained.
5. FURTHER INFORMATION
For further information regarding the matters set out in this
notice, please contact:
Barclays Treasury
1 Churchill Place
London E14 5HP
Information regarding forward-looking statements
This notice contains certain forward-looking statements with
respect to the Issuer. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as "may", "will", "expect", "intend", "plan" or other words of
similar meaning.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and
circumstances.
Subject to the Issuer's obligations under the applicable laws
and regulations of the UK in relation to disclosure and ongoing
information, the Issuer undertakes no obligation to update publicly
or revise any forward looking statements, whether as a result of
new information, future events or otherwise.
This Notice is given by
MILLSHAW SAMS NO.1 LIMITED
as Issuer
Dated: 12 February 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
DOCZMGMZDZRGRZM
(END) Dow Jones Newswires
February 12, 2018 09:29 ET (14:29 GMT)
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